value and opportunity

Performance 2014

In 2014, the portfolio perfomed 5,42% vs. 2,37% for the Benchmark (Eurostoxx50 (25%), Eurostoxx small 200 (25%), DAX (30%),MDAX (20%)). This is the 4th year in a row with an outperformance but such a small difference is rather arbitrary, so nothing to get excited.

If I would need to promote my results for 2014, I would argue that the result has been achieved with significant less volatility than the Benchmark. A quick look at the monthly returns:

Read more